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You're the one making a non-sequitur. Capitalism is an ideology about maximizing profits. You can make a lot more profit if you externalize all your costs. "Pri

by nawgz 4y ago

You're the one making a non-sequitur. Capitalism is an ideology about maximizing profits. You can make a lot more profit if you externalize all your costs. "Privatize the profits, socialize the losses" is a way of saying that corporations have a lot of magical legal devices that let them avoid responsibility for externalities they themselves created once the revenue stream is no longer flowing. Can't you think of time and again examples of this? For instance, all fossil fuel using companies are participating in this exercise in real-time today; they certainly are not paying anything for the massive pollution damage they are creating. Corporate fraud never leads to meaningful punishment of the executives and they often make a profit even after "punishment".

lob_it 4y ago
A countryman between two lawyers is like a fish between two cats. Benjamin Franklin (with a hint of Einstein) :p
kortilla 4y ago
>Corporate fraud never leads to meaningful punishment of the executives and they often make a profit even after "punishment". No, this is a meme that needs to die. Please link examples where profits from a specific activity did not outsize the profit from that activity. People get confused when some international massive company made a profit overall after some big fine and think the illegal thing was therefore profitable. This is never the case and the fines drastically exceed the profit from the specific activity (every country levying fines structures them explicitly this way). BP absolutely did not make a profit on the deep water horizon. >all fossil fuel using companies are participating in this exercise in real-time today Red herring in a discussion about fraud. This is purely because governments don’t charge for CO2 (quite bafflingly). >Corporate fraud never leads to meaningful punishment of the executives Enron, Madoff, Theranos, Worldcom, Tyco, Qwest, Rite Aid… the list goes on.

by nawgz 4y ago

lob_it 4y ago

A countryman between two lawyers is like a fish between two cats. Benjamin Franklin (with a hint of Einstein) :p

kortilla 4y ago

>Corporate fraud never leads to meaningful punishment of the executives and they often make a profit even after "punishment". No, this is a meme that needs to die. Please link examples where profits from a specific activity did not outsize the profit from that activity. People get confused when some international massive company made a profit overall after some big fine and think the illegal thing was therefore profitable. This is never the case and the fines drastically exceed the profit from the specific activity (every country levying fines structures them explicitly this way). BP absolutely did not make a profit on the deep water horizon. >all fossil fuel using companies are participating in this exercise in real-time today Red herring in a discussion about fraud. This is purely because governments don’t charge for CO2 (quite bafflingly). >Corporate fraud never leads to meaningful punishment of the executives Enron, Madoff, Theranos, Worldcom, Tyco, Qwest, Rite Aid… the list goes on.